On December 6, 2013 the State Bank of Viet Nam issued Circular No. 29/2013/TT-NHNN, stipulating on provision of foreign currency loans of the credit institutions and foreign banks’s branches with customers being residents.
Accordingly, from January 1, 2014 up to December 31, 2014, credit institutions, branches may be reviewed for being provided with foreign currency loans for demands of capital loan as follows: the short-term, mid-term and long-term loans for the overseas payment for imported goods and services on condition that customers have sufficient foreign currency from the production and business revenues for paying of loan debt; the short-term loans for wholesale enterprises importing petrol and oil have been assigned the 2014 petrol and oil import quota by the Minstry of Industry and Trade and have demand to borrow capital in foreign currency for overseas payment for import petrol and oil when the borrowers fail to have or have sufficient foreign currency revenues from production and business operation for paying of loan debt; the short-term loans in order to meet the domestic capital demands aiming to implement plan on production and business of export goods passing the border gates of Vietnam on condition that borrowers have sufficient foreign currency from export revenue for paying of loan debt…
Besides, credit institutions, branches of foreign banks may be reviewed for being provided with foreign currency loans for demands of capital loan under fields prioritized, encouraged for production and business development in according to guidelines of Government after the State Bank of Vietnam has accepted in writing. Stimultaneously, on a monthly basis, not later than 12th day of month next to the report month, credit instiutions, branches of foreign banks shall report to the State Bank of Vietnam on the provision of foreign currency loans in according to the report form enclosed to this Circular.
This Circular takes effect on January 01, 2014.
To download this Decree, please click the link: 54911_29-2013-TT-NHNN
Source: www.luatvietnam.vn
